Broncos, Elway introduce Manning after he signs $96M deal

UPDATE, 4:46 p.m.: "It has been a roller coaster," Manning told NFLN of the process, expressing gratitude for the Colts to give him closure. "I'm tired. ... (But) I met some great people during this trip. The NFL is in great shape -- there's some great owners, coaches, executives out there, and this decision was hard."

Manning said he wanted to meet as many teams as possible but had to be selective.

"It's unfair to say that," he said of the theory he didn't want to be in the NFC, saying he would not have talked to the Cardinals and 49ers otherwise. "Especially the more I got to know these people."

He cited the Titans' Mike Munchak and 49ers' Jim Harbaugh as coaches he really enjoyed getting to know.

He likened the journey to being recruited by the University of Tennessee and wished he could have played in multiple places. However he didn't like how his decision caused stress in the lives of peers like Tennessee's Matt Hasselbeck and San Francisco's Alex Smith.

UPDATE, 4:15 p.m.: "The work's just beginning," Elway said, though he deemed this the best day of his executive career. "Obviously, the expectation level's gonna go up, but that's where we want it be, too.

"We have a lot of work to do as a football team. ... We're not selling tickets to New Orleans (site of Super Bowl XLVII). ... This guarantees nothing. It guarantees us the chance to work hard, and that's what we're gonna do."

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UPDATE, 4:01 p.m.: "We're going through the process," Elway said of Tebow's future, adding that he and HC John Fox have been in contact with the incumbent quarterback. "It's a tough business.

"I got a great deal of respect for him as a person and the things that he does.

"(But) what would be the best opportunity for the Denver Broncos to be competitive for a world championship. And Peyton Manning was that, and so that's why we chose to go that direction."

Elway said Tebow, who remains under contract, understood the Broncos' position and maintained his signature positive attitude.

"Without a doubt in my mind, this is the best decision for the Denver Broncos at this point in time," Elway said.

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UPDATE, 3:56 p.m.: "I don't consider it much of a risk," Elway said of signing Manning, who told him there's no doubt he'd recapture his all-pro form. "The deal came together very easy."

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UPDATE, 3:51 p.m.: Manning said his transparency during workouts "liberated me" when dealing with the NFL teams that scouted him in recent weeks. He said the sessions weren't scripted, and he tried to be as open as possible when revealing his current physical limitations and weaknesses on what he hopes is a road back to his four-time MVP form. But he said the entire publicly portrayed free agent process was "hard" and "difficult" despite his desire to embrace it. "It's gotta kind of feel right, kind of that gut feeling that I kept waiting on," he said. "And I was glad when that hit me."

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UPDATE, 3:50 pm.: "I'm planning on playing for a long time," Manning said. "This is a now situation, we're trying to do whatever we can to win now."

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UPDATE, 3:47 p.m.: Manning reiterated his physical abilities are not yet what he wants, but "If I had to play (Sunday), I could," he said. "I'm excited I can get back into routine."

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UPDATE, 3:45 p.m.: Despite notions he didn't want to play in the NFC, where his brother Eli stars for the Giants, Manning said he did strongly consider a cross-conference jump. "I just had a good feel here," he said of Denver. "I'm proud to still be in the AFC and proud to be a Denver Bronco."

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UPDATE, 3:44 p.m.: Manning also revealed he didn't know until March 6, the day before the Colts released him, that his 14-year tenure in Indianapolis was truly at an end.

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UPDATE, 3:40 p.m.: "I know there's some players out there that the Broncos are looking at. When asked about those players, I've told them exactly how I've felt about the great teammates that I've had," Manning said when asked if any of his former Colts teammates could join him in Denver.

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UPDATE, 3:35 p.m.: "I know what kind of player Tim Tebow is and what kind of person that he is," Manning said of the man he replaces, "and what an awesome year he had this year. And if Tim Tebow is here next year, I'm gonna be the best teammate I can be to him, and he and I are gonna help this team win games. If other opportunities present themself for him, I'm gonna wish him the best. He's gonna be a great player wherever he is."

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UPDATE, 3:35 p.m.: "There's no question I have work to do," Manning said of his ongoing physical rehab. "I couldn't sell myself when it came to that. I had to let them tell me and decide this was something they wanted to do."

He said that approach was consistent with all his suitors, including the Titans, 49ers, Dolphins and Cardinals but admitted: "I'm not where I want to be."

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UPDATE, 3:34 p.m.: Manning said he "hated" putting other teams in tough positions during his recruitment. But he cited Elway's still-burning competitive fire in swaying his decision. "John knows what it's like to play quarterback at the ages of 35 and 36 -- certainly that helped," he said. Manning also stressed that he's not involved in personnel decisions nor is he a de facto offensive coordinator (he has a reputation for micromanaging practices).

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UPDATE, 3:29 p.m.: "It's up to me and the people here around me to make this the right decision," Manning said of his choice in choosing the Broncos, adding he was staying in the Denver area the remainder of the week to begin working with the team's trainers as he continues recuperating from multiple neck surgeries.

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UPDATE, 3:25 p.m.: "I'm very excited to begin the next chapter of my playing career for the Denver Broncos," said Manning. "In the end, I felt the Broncos were just a great fit." He said Denver was "a great place to be" and thanked Elway for wooing him. He also expressed gratefulness to former Denver QB Frank Tripucka, who's asked Manning to wear jersey No. 18, which was retired in Tripucka's honor.

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UPDATE, 3:21 p.m.: Broncos VP of football operations John Elway said the franchise's lone goal of winning Super Bowls paved the way for Manning's acquisition. "We're so fortunate that he's picked the Denver Broncos," said Elway. "We think it's a great situation. He's a guy that's ... a Hall of Famer." Elway said he also planned to cement Manning's legacy as the best QB in NFL history.

UPDATE, 2:57 p.m.: Manning is slated to be officially introduced as a Denver Bronco in a few minutes. NFL Network reports a few last-minute contract details could cause a momentary delay.

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UPDATE, 1:55 p.m.: Manning will wear No. 18 in Denver, per The Denver Post's Mike Klis. The Broncos retired the number after QB Frank Tripucka last donned it in 1963 during the franchise's early AFL days. "It's perfectly OK for him to go ahead and use it," Tripucka recently told The Post. " I would be honored to have him wear it."

He agreed to a five-year, $96 million contract Tuesday morning. The deal's annual average of $19.2 million exceeded the record of $18 million for a multi-year package previously shared by Manning and Patriots QB Tom Brady.

ESPN and NFL Network first revealed details of his new contract, which was later confirmed by the Associated Press. NFLN's Albert Breer reported Manning will get $18 million in 2012, but the Broncos do have an escape mechanism after the first year of the contract. Breer stated if Manning remains on the roster next March after passing a postseason physical, he is guaranteed $40 million over the 2013 and 2014 seasons; however further NFLN reports state the contractual language is not finalized, and the pact could essentially end up being a series of one-year deals.

Colts owner Jim Irsay, who released Manning on March 7, released the following statement:

"I congratulate Peyton as he heads to a tremendous organization in the Denver Broncos. We wish him nothing but the best as he continues his Hall of Fame career."

Ironically, Irsay's father, Robert, traded the rights of future Hall of Famer John Elway from the Baltimore Colts to the Broncos in 1983. Now Denver's VP of football operations, Elway successfully wooed Manning to the Mile High City on Monday.

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About Nate Davis

Nate Davis is a reporter, blogger and editor who's been at USA TODAY since 2000. He has covered the NFL since 2005. No, he did not play quarterback for Ball State. Davis' succession of our esteemed colleague Sean Leahy at The Huddle is considered a Brady-for-Bledsoe swap by most "insiders."More about Nate